Agents summary of business conditions – 2020 Q1

The Covid-19 (Coronavirus) pandemic has caused a sudden, rapid decline in economic activity in recent weeks. The situation has been described by many Agency contacts as being worse than the financial crisis in 2008. Due to fast-moving developments since the outbreak of the virus, this publication focuses on intelligence gathered by the Bank’s Agents during the first few weeks of March. Prior to that point, companies had generally reported some modest improvement in some parts of the economy and the outlook. That is reflected in the Agents’ scores released alongside this publication, which are based on information gathered during January and February.

NWT Members A helpful summary

Please see below a summary of key reliefs and provisions announced so far…. INDIVIDUALS & SELF-EMPLOYED   1.      Universal Credit and other benefits Self-employed may be able to claim Universal Credit if their business has temporarily closed.  Universal Credit standard allowance – the amount you’re paid each month – increased by £1,000 a year.  The current Universal Credit standard allowance ranges between £251.77 and £498.89 depending on your age and circumstances.  You may be able to claim Universal Credit if certain conditions apply.    Self-employed Universal Credit minimum income floor suspended for everyone affected by coronavirus.  The Universal Credit minimum income floor applies to those who’ve been self-employed for more […]